William Penn Life, 2006 (41. évfolyam, 2-12. szám)
2006-10-01 / 10. szám
MoneywiSe with Mark Lantz New Jersey re-enacts fraternal life agents status What does this mean? It means part-time agents may begin selling again in New Jersey effective Nov. 1,2006. A parttime agent is one who devotes LESS than 50 percent of his time toward the selling of life insurance products. Senate Bill #275 was signed by the governor on Aug. 2,2006. The law specifies what conduct would be considered 50 percent or more of the time to procurement of insurance products. According to the new law, "individuals acting as insurance producers with respect to societies shall be licensed in accordance with the provisions of P.L.1987, c.293 (C.17:22A-1 et seq.)] the "New Jersey Insurance Producer Licensing Act of 2001," P.L.2001, c.210 (C.17:22A-26 et al.). "A license as an insurance producer shall not be required of any agent, representative or member of a fraternal benefit society who devotes, or intends to devote, less than 50 percent of his time to the solicitation and procurement of insurance contracts for that fraternal benefit society and who receives, or intends to receive, any commission or other compensation directly dependent on the amount of insurance." The law states what type of sale would exceed the 50 percent limit. "Any person who in the preceding calendar year has solicited or procured any of the following contracts of insurance on behalf of a fraternal benefit society shall be presumed to have devoted, or intended to devote, 50 percent of his time to the solicitation or procurement of insurance contracts: a. Life insurance contracts that, in the aggregate, exceed $200,000 of coverage for all lives insured for the preceding calendar year; b. A permanent life insurance contract offering more than $10,000 of coverage on an individual life; c. A term life insurance contract offering more than $50,000 of coverage on an individual life; d. An insurance contract, other than a life insurance contract, that the fraternal benefit society may write that insures the individual lives of more than 25 persons; or e. Any variable life insurance or variable annuity contract, (cf: P.L.1997, c.322, s.32." If you live in New Jersey and are interested in selling our life and annuities plans to your family and friends, please feel free to call Mark Lantz, Sales Director at 1-800-848- 7366 ext. 134. Thank you. Rise in identity theft spurs new type of insurance from the PA Insurance Department If you are a victim of identity theft, it can be very costly to reestablish your credit and identity. Several companies are now offering identity theft insurance, which generally costs between $25 and $60 per year. Identity theft insurance cannot protect you from becoming a victim of identity theft and does not cover direct monetary losses incurred as a result of identity theft. Instead, identity theft insurance provides coverage for the cost of reclaiming your financial identity, such as the costs of making phone calls, making copies, mailing documents, taking time off from work without pay (lost wages) and hiring an attorney. Things To Consider • Policy Limits. Most identity theft insurance policies have limits of $10,000 to $15,000. • Deductibles. Some policies require you to pay the first $100 to $500 of costs incurred for reclaiming your financial identity. • Remember, identity theft insurance does not cover direct monetary losses. • If the policy covers lost wages, verify what limits apply and what is required to trigger this coverage. If you are a salaried employee or are required to request vacation time in the event of a work absence associated with reclaiming your financial identity, you may not have unpaid leave and lost wages. • If the policy covers legal fees, verify what limits apply and if legal work needs to be pre-approved by the insurer. Before You Buy Check to see if your current homeowner insurance includes identity theft insurance as part of your coverage. If not, you may be able to add identity theft insurance to your homeowner's policy for a small fee or purchase a stand-alone policy from another insurer, bank or credit card company. As with any insurance product, make sure you understand what you are purchasing and compare the product's price, coverage and deductibles among multiple insurers. William Penn Life, October 2006 5
